Harmony (ONE) Sluggish Performance Reveals Profit-Booking

ByDawn Pipkin

Jan 27, 2022

Harmony inched closer to its ATH in mid-January. However, the altcoin succumbed to bearishness, losing nearly 40% of the price within a week.

Harmony (ONE) was among the top performers in the top crypto assets recently. However, the altcoin suffered from bearish reactions, witnessing continued plummets at this publication.

ONE Could Not Rise Even With the Latest Crypto Market Rebound

Most assets recorded upswings as Bitcoin rebounded from $33K to levels neat $39K, and ONE was not among them. Remember, Harmony (ONE) tried to settle beyond its ATH in January after the platform authorized the Datachain grant. However, the token lacked positive triggers to back the even, and ONE began sliding to lower levels.

The overall weakness in the crypto spectrum contributed to the asset’s downward pressure. Moreover, ONE appeared hit by a profit-booking wave following the rally. Investors that failed to trim their profitable positions in late October chose to sell ONE after the coin nears its October peaks.

ONE Tried to Rebound

ONE managed to stabilize beneath the $0.1830 support and tests the following foothold around the $0.1735 value area. If the alt violates this barrier, it will drop towards the next support floor near $0.1650. Losing ground here will have ONE declining further to explore the hindrance at $0.1600.

On the other side, ONE’s previous support of $0.1830 will be the asset’s initial resistance. If the crypto overcomes this level, it may surge to the hurdle at $0.1880. Further actions by bulls will push Harmony high towards the obstacle around $0.1940.

The one-hour price chart shows Harmony receiving material support around the $0.1735 zone and trying to rebound. Success here will see the alternative token testing the closest resistance zone at $0.1830. Nevertheless, the Relative Strength Index swayed back to the moderate region. That shows plummeting possibilities if ONE settled beneath the $0.1735 mark.

For now, the crypto market lacks directional bias as Bitcoin hovers around the $36,590 mark. The crypto should surge beyond the obstacle at $38,000 to trigger stable uptrends. That way, BTC will catalyze positive sentiment in the overall crypto spectrum, translating to upswings in the short term.

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Editorial credit: FellowNeko / shutterstock.com

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